CASELLA WASTE SYSTEMS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CASELLA WASTE SYSTEMS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	565	599	661	743	775	889	1,085	1,265	1,557	1,837
Cost of revenue	382	405	453	509	516	582	723	832	1,027	1,217
Gross profit	183	194	207	235	259	307	362	433	530	620
General and administrative	75.4	79.2	84.8	92.8	102	119	133	156	191	224
Operating income	44.9	-12.6	39.7	53.1	59.3	77.7	95.4	80.4	72.8	63.7
Interest expense	38.9	25.2	26.3	25.1	22.4	21.2	23.7	47.6	62.4	62.5
Interest income	0.29	0.27	0.27	0.37	0.3	0.3	0.71	10.7	10.4	9.95
Other non-operating income	-51.3	-24.5	-33.7	-23.3	-21	-19.6	-20.4	-43.4	-51.7	-50.6
Pre-tax income	-6.36	-37.1	6.04	29.8	38.3	58	75	37	21	13.1
Income tax	0.49	-15.3	-0.38	-1.87	-52.8	16.9	21.9	11.6	7.51	5.18
Income from continuing operations	-6.85	-21.8	6.42	31.7	91.1	41.1	53.1	25.4	13.5	7.87
Net income to minority interests	-0.01	0	0
Net income	-6.85	-21.8	6.42	31.7	91.1	41.1	53.1	25.4	13.5	7.87
EBITDA	107	49.5	110	133	150	181	222	251	308	371
EPS, basic	-0.17	-0.52	0.15	0.67	1.87	0.80	1.03	0.46	0.23	0.12
EPS, diluted	-0.17	-0.52	0.15	0.66	1.86	0.80	1.03	0.46	0.23	0.12
Shares, basic (weighted)	41.2	41.8	42.7	47.2	48.8	51.3	51.6	55.2	59.6	63.5
Shares, diluted (weighted)	41.2	41.8	44.2	48	49	51.5	51.8	55.3	59.7	63.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.54	2	4.01	3.47	154	33.8	71.2	221	358	124
Receivables	61.2	66	74.9	80.2	74.2	87	101	157	166	178
Other current assets	1.29	1.08	2.01	1.21	1.33	3.2	6.79	9.92	41	37.5
Total current assets	78.6	84.4	97.1	103	247	146	207	426	613	369
Property, plant and equipment	398	362	405	444	511	645	721	981	1,165	1,289
Lease right-of-use assets				108	95.3	93.8	92.1	101	98.1	105
Goodwill	120	123	163	186	195	233	274	736	1,002	1,120
Intangible assets	7.7	8.15	34.8	58.7	58.3	93.7	91.8	241	313	291
Other non-current assets	13.5	13.1	11.1	11.6	13.3	14.8	27.1	26.3	24.7	21.2
Total assets	632	615	732	932	1,194	1,284	1,449	2,535	3,230	3,303
Accounts payable	45	47.1	57.3	64.4	49.2	63.1	74.2	117	111	102
Accrued liabilities	12.5	12.2	11	14.4	17.3	22.2	23.6	22.7	32.6	36.3
Deferred revenue		1.82	3.07	2.3	2.69	3.4	3.74	31.5	50.7	45.2
Short-term debt	4.69	4.93	2.3	4.3	9.24	9.9	8.97	35.8	42.6	25.7
Total current liabilities	82.4	88.6	111	131	131	152	178	279	307	294
Long-term debt	504	478	542	509	530	543	585	1,008	1,091	1,129
Lease liabilities				70.7	61	56.4	57.3	66.1	64.4	72.5
Other non-current liabilities	20	25.1	30.8	34.8	36	30.2	28.3	37.3	28.7	35.2
Total liabilities	656	653	748	809	832	861	951	1,514	1,679	1,735
Total debt	526	498	555	523	548	563	603	1,055	1,148	1,169
Paid-in capital	348	357	374	485	639	652	662	1,169	1,680	1,697
Retained earnings	-373	-395	-389	-357	-266	-225	-172	-147	-133	-125
Other comprehensive income	-0.07	0.18	-1.31	-6.04	-11.5	-5.1	7.54	-1.08	3.31	-3.96
Shareholders' equity	-24.5	-37.9	-15.8	123	362	422	498	1,022	1,551	1,569
Minority interests	-0.02	0
Total equity	-24.6	-37.9	-15.8	123	362	422	498	1,022	1,551	1,569
Total liabilities and equity	632	615	732	932	1,194	1,284	1,449	2,535	3,230	3,303

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.86	-21.8	6.42	31.7	91.1	41.1	53.1	25.4	13.5	7.87
Depreciation and amortization	61.9	62.1	70.5	79.8	90.8	104	126	171	235	307
Stock-based compensation	3.39	6.43	8.45	7.22	8.22	11.6	8.16	9.08	12.2	14.2
Deferred income tax	0.58	-15.5	1.25	-1.24	-52.3	15.1	16.5	7.39	6.89	3.26
Change in receivables	-1.03	-4.66	-5.83	-5.46	5.82	-7.42	-7.1	-39.4	1.25	-3.6
Change in payables	0.08	2.08	9.09	6.76	-15.2	13.9	11.1	41.6	-13.6	-8.56
Cash from operations	80.4	108	121	117	140	183	217	233	281	330
Capital expenditures	-54.2	-64.9	-73.2	-103	-108	-123	-131	-155	-203	-245
Acquisitions	-2.84	-5.06	-88.9	-75.4	-32.5	-171	-78.2	-852	-469	-224
Purchases of investments	0
Sales and maturities of investments					0	0	1.64	0	0
Cash from investing	-63	-76.4	-164	-177	-140	-293	-207	-1,006	-671	-469
Stock issued		0	0	100	145	0	0	496	496	0
Cash from financing	-18.6	-31.6	45.4	60.1	151	-10.1	26.9	922	552	-27.1
Net change in cash	-1.12	-0.55	2.01	-0.54	151	-121	37.3	150	162	-166
Free cash flow	26.2	42.7	47.6	13.7	31.8	59.4	86.4	78.2	78.1	84.7
Interest paid	42.7	25	23.5	23.2	20.1	19	21	43.6	61.2	59
Income taxes paid	0.27	0.15	0.11	-1.63	-1.53	1.44	2.8	10.1	6.78	-0.15

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $82.24 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.4%	Gross profit / revenue.
Operating margin	3.4%	Operating income / revenue.
EBITDA margin	20.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.5%	Pre-tax income / revenue.
Net margin	0.3%	Net income / revenue.
FCF margin	5.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.0%	Cash from operations / revenue.
Effective tax rate	35.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.2%	Net income / average total assets.
Return on invested capital (ROIC)	1.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.6%	Capital expenditures / revenue.
D&A / revenue	16.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-12.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-12.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	20.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-41.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-47.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-38.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-47.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-51.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-42.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	8.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	21.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	46.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	34.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	22.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.99x	Current assets / current liabilities.
Quick ratio	0.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.86x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.3%	Total debt / total assets.
Liabilities / assets	55.6%	Total liabilities / total assets.
Net debt	$1.34B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.01x	Operating income / interest expense.
Working capital	-$2.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	48.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$134.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Fixed asset turnover	1.42x	Revenue / average property, plant and equipment.
Receivables turnover	8.87x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
FCF conversion	1,853.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	69.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$30.71	Revenue / diluted weighted shares.
FCF per share	$1.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.51	Cash from operations / diluted weighted shares.
Book value per share	$24.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.11	Tangible book value / shares outstanding.
Cash per share	$0.40	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.23B	Share price x shares outstanding.
Enterprise value	$6.57B	Market cap + total debt - cash - short-term investments.
P/E	918x	Market cap / net income. Only when net income is positive.
P/S	2.68x	Market cap / revenue.
P/B	3.31x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	49.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.9x	Market cap / cash from operations, when positive.
EV/Sales	3.36x	Enterprise value / revenue.
EV/EBIT	99.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	62.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.0%	Free cash flow / market cap.
Earnings yield	0.1%	Net income / market cap (the inverse of P/E).

What was CASELLA WASTE SYSTEMS INC's revenue in fiscal 2025?

CASELLA WASTE SYSTEMS INC reported revenue of $1.84B for fiscal 2025, 18% higher than the year before.

Was CASELLA WASTE SYSTEMS INC profitable in fiscal 2025?

Yes. Net income was $7.9M, a net margin of 0.4%.

How much free cash flow did CASELLA WASTE SYSTEMS INC generate in fiscal 2025?

Cash from operations of $329.8M minus capital expenditures of $245.1M left free cash flow of $84.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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